MGT 2251 Final Exam Review

Project Management Review

120 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
What are the three factors in tension?
1. Time2. Costs3. Resource Requirements- How much time, how much money, and what resources are required to complete the project
What is the first step in planning and scheduling a project?
Developing the work breakdown structure. (Identifying and ordering the steps of the project)
What does PERT stand for?
Program Evaluation and Review Technique - techniques to plan, monitor, and control projects
What is CPM?
Critical Path Method
What are the six steps of PERT/CPM?
1. Define project and significant activities and tasks2. Develop relationships between activities to decide which activities precede others3. Draw network connecting all activities4. Assign time/cost estimates to activities5. Compute longest time path through network6. Use network to plan, schedule, and monitor project
What is the critical path?
The longest time path through the network.
Projects cost _____ the longer they take.
More
T or F: some steps are part of the critical path while others are not.
True (EX: in getting dressed, underwear is included whereas tie may not be!)
What are critical activities?
Activities that will delay the entire project if they are late.
What are non-critical activities?
Activities that can run late without delaying the entire project
What does a node represent?
The activity
What represents the immediate predecessor of the activities?
Arcs
What does AON stand for?
Activity on node - where the nodes represent activities.
What does SME stand for, and when are they used?
Subject matter experts - people you go to for time estimates
What are the three time estimates in PERT?
1. optimistic2. pessimistic3. most likely